Gold soars on global cues, jewellers’ buying

Thursday, Jun 9, 2016,15:27 IST By Metrovaartha A A A

New Delhi | Tracking a firm trend overseas and increased buying by jewellers at domestic markets, gold prices edged up by Rs 10 to Rs 29,170 per 10 grams at the bullion market today. Silver followed suit and recaptured the crucial Rs 40,000- mark by surging Rs 1,000 to Rs 40,500 per kg due to increased offtake by industrial units and coin makers.

Traders said sentiment remained strong on the back of a firming trend overseas where the precious metal climbed to a three-week high as the dollar retreated on bets the Federal Reserve will keep interest rates on hold in the coming months.

Gold in New York, which normally determines the price trend in the domestic market, gained 1.55 per cent to USD 1,262.50 an ounce and silver surged 4.07 per cent to USD 17.01 an ounce in yesterday’s trade. In the national capital, gold of 99.9 and 99.5 per cent purity inched up by Rs 10 each to Rs 29,170 and Rs 29,020 per ten grams respectively.The precious metal had gained Rs 130 yesterday.

Sovereign, however, remained steady at Rs 22,900 per piece of eight grams in scattered deals. Following gold, silver ready recorded by handsome gains of Rs 1,000 to Rs 40,500 per kg and weekly-based delivery by Rs 1,340 to Rs 40,680 per kg. Silver coins also flared up by Rs 1,000 to Rs 68,000 for buying and Rs 69,000 for selling of 100 pieces.

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